The label “new construction” can come in a few different formats:

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• Custom: Appropriately named, custom homes can be customized to your exact preferences. Think of building one of these the same way you might think about designing your own shirt: You get a say over every detail that goes into it. With a custom home, you might purchase a piece of land and then work with a builder to determine everything from the front doorknob to the type of roof. These are the most expensive kind of build.

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• Semi-custom: This is the next step down from custom. While you won’t get to pick everything that goes into the property, you will have some options to choose from. Likely, a developer already bought the land and you’re now able to have a say in finishes and other factors.

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• Production or spec: With this type of new-construction home, you don’t get to customize everything, but that also means you won’t have to pay so much for everything, either. These tend to have the fastest timelines and are usually the cheapest option.